Teresa Giudice of The Real Housewives of New Jersey is known for her flashy ways and “cash-only” spending sprees…. well now, it all makes sense!

Teresa was spending cash cause she and her husband Joe probably have bad credit. It was revealed recently that the two filed Chapter 7 bankruptcy last October and Teresa issued the following statement:

While this is a personal matter, I realize that certain aspects of my private life will always be subject to scrutiny and distortion.

What is true is that due to the economy, most of my husband’s real estate ventures failed despite his hard work and effort. As a result, we looked to the Bankruptcy.

Teresa says that the bankruptcy will be a “fresh start” for she and her hubby and that she’s trying to remain positive. She also says that they will address their financial issues on the show next season.

And you thought it was just the Atlanta Housewives who were fake ballers…. Now ya know.